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The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure

July 5, 2017

Are retail banks and insurers a safe pair of hands when it comes to customer data? Our global survey of more than 180 senior data privacy and security professionals as well as 7,600 consumers found that less than a third (29%) of these organizations offer both strong data privacy practices and a sound security strategy. In fact, just one in five (21%) organizations are highly confident that they can detect a cybersecurity breach. This picture has so far not unduly affected consumers’ perceptions of the industry. We found that 83% of consumers trust banks and insurers when it comes to data.

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OTHER WHITEPAPERS

CREATING A DATA PRIVACY ARCHITECTURE

whitePaper | August 14, 2020

The European General Data Protection Regulation (GDPR) and California’s Consumer Privacy Act (CCPA) fundamentally change the way an organization needs to store its data. These and other regulations tend to have several common elements. First, there is a requirement to protect all data, both from disasters and from cyber-attack. Second, there is a need to organize data in such a way that the organization can meet requirements to retain data for a specific time.

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whitePaper | May 7, 2020

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Why Banks Must Embrace the Cloud or Risk Being Left Behind

whitePaper | October 6, 2022

Over the last several years, the cloud computing industry has experienced incredible growth. Between 2018 and 2019 alone, the public cloud services market expanded by 17.5% to $214.3 billion, according to Gartner Research, and hit $331 billion by 2023. While cyber security is always a concern for people, most companies and consumers have become comfortable with storing information on third-party servers and accessing programs online.

REARCHITECTING AND SIMPLIFYING POST-TRADEOPERATIONS

whitePaper | August 15, 2020

Capital markets institutions have traditionally devoted the bulk of their mind and wallet share on front office revenue-generating activities. Post-trade operations have been overlooked; they are mired in legacy systems and siloed operations that require significant manual intervention, making it a critical source of inefficiency and operational risk. As revenue streams are challenged by uncertain economics and growing competition, post-trade operations are coming under scrutiny for reducing costs, boosting margins, and improving return on equity.

Framing the Opportunity for Central Banks in the Digital Age

whitePaper | January 21, 2023

Central banks also rely on data to promote financial stability by supervising the banking system, as well as managing the reserves and financial assets of a nation. And in the process, they face many constraints such as tight budgets, strict oversight and regulations.

The Case for Re-inventing the Credit Decisioning Approach

whitePaper | April 14, 2023

The importance of credit decisioning in the success of a credit business cannot be overemphasized. Credit businesses are heavily dependent on their business rules, mathematical models, and data to make profitable decisions. Customer behavior and expectations have been irrevocably transformed as a result of the pandemic, and the use of alternative credit products such as BNPL, peer-to-peer lending,

The Currency of Trust: Why Banks and Insurers Must Make Customer Data Safer and More Secure